On-chain data shows that the Dogecoin whales have recently made massive moves. Here’s where these moves have been heading.
Dogecoin Network Has Witnessed Some Large Moves Recently
According to data from the cryptocurrency transaction tracker service Whale Alert, some large DOGE moves have been spotted on the blockchain within the past few days.
The moves are of a scale generally associated with whales, a cohort that carries an extremely large number of coins in their wallets. These entities can be influential in the market, so their transfers can be something to watch out for, as they may impact the asset’s price.
Four such transactions have appeared on the chain during the last 48 hours, implying that some whales have been repositioning themselves. What these moves imply for the market depends on what these investors want to achieve.
A closer look at the transfers’ individual details can help explain why each was made. First, the oldest of these transfers involved the movement of 350 million DOGE across wallets on the network, worth around $53 million when the move went through.
Here are the wallet details regarding this Dogecoin whale transaction:
Looks like this massive move only needed a fee of $0.30 to go through on the Dogecoin network | Source: Whale Alert
As is visible above, this transfer had a wallet attached to Robinhood as its sender, while an unknown address was its receiver. Unknown wallets are not affiliated with any known central entity and, hence, are likely to be the investors’ personal wallets.
An exchange outflow is a move where coins flow from an exchange to an unknown wallet. Generally, investors take coins away from central custody whenever they plan to hold them for extended periods, so exchange outflows can have a bullish impact on the price.
The latest two DOGE whale transfers also involved the Robinhood platform. Unlike this one, though, the flow of coins was in the reverse direction for them, meaning that they were exchange inflows.
The sending and receiving addresses were the same between these two moves, so the same whale was most likely behind the deposits. This large investor has transferred $31.4 million in Dogecoin to the exchange.
The whale may be looking to use one of the Robinhood platform’s services, which can include selling. As such, these deposits may be bearish for the coin.
The final transfer from this period, which also happens to be the largest, was also an exchange inflow transaction, this one towards Binance.
The details regarding the recent Binance inflow | Source: Whale Alert
This whale appears to have deposited a whopping 600 million DOGE ($92.2 million) to the platform. This means the balance has been overwhelmingly towards exchange inflows in the past couple of days, despite a sizeable outflow in the same window.
DOGE Price
Dogecoin has registered an uplift of more than 3% in the past 24 hours, as its price is now floating around $0.156.
The price of the asset appears to have gone down over the last few days | Source: DOGEUSD on TradingView
Featured image from rc.xyz NFT gallery on Unsplash.com, whale-alert.io, chart from TradingView.com
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